The White House is deciding between taking immediate action to lower energy prices in the country or avoiding dramatic measures in hopes of calming markets.
President Joe Biden is judging between taking immediate action to lower energy prices in the country or avoiding dramatic measures hoping that markets will calm down.
A small group of Biden’s colleagues has been discussing measures to reduce the cost of gasoline for the past few weeks. The sources noted that while Department of Energy officials oppose the idea of using the Strategic Petroleum Reserve, a consensus has yet to be reached.
The recent rise in gasoline prices in the US to the highest level in seven years leaves President Biden in a dilemma. Biden is trying to increase fuel production and reduce costs while at the same time trying to maintain his credibility on environmental issues as the United Nations climate conference in Glasgow enters its final and vital phase.
Energy price inflation regained urgency Wednesday after official data showed the industry played a crucial role in pushing the US consumer price index to a 31-year high.
“It’s decision time for the Biden administration,” said Bob McNally, who served in the White House under President George W. Bush.
